Federal Financial Management Standards
- Functions and Activities
Financial Asset Information Processing - Property, Plant, and Equipment (FFM.020.010)
Record financial asset type, category, value, and value adjustments (e.g., depreciation, impairment);
Includes financial asset information processing for purchase and lease transactions, inventory, and software
- Federal Financial Management System Requirements (FFMSR)
Managing Financial Asset Information (FFMSR 1.1.3)
Capture federal government asset type (for example, entity, non-entity, governmental, and intragovernmental), category [for example, property, plant, and equipment (PP&E); inventory; seized and forfeited; investments in Treasury securities], and subcategory (for example, general PP&E or heritage PP&E) consistent with The Federal Accounting Standards Advisory Board (FASAB) Handbook of Accounting Standards, and Other Pronouncements, as Amended (FASAB Handbook).
Determine asset value and provide for adjustments –such as depreciation, impairment, allowance for uncollectible amounts, and subsidy allowance –consistent with FASAB Handbook.
Provide asset information, such as type (for example, intragovernmental or governmental), value, quantity (for example, units), and GL account (for example, buildings, land, equipment, assets under capital lease, and software) for balance sheet and financial statement reporting consistent with the FASAB Handbook and as specified in the TFM.
Provide asset data required to post GL transactions consistent with USSGL accounts, account attributes, transaction codes, transaction categories (for example, collections and receivables), and transaction subcategories [for example, receipts, receivables/accrued revenue, asset sale and disposition (gains and losses)] as defined in the TFM.
- Use Cases
- Contact Details
Department of the Treasury3201 Pennsy Drive, Building E
Bureau of the Fiscal Service
Chief Disbursing Officer
Landover, MD 20785
This page was last updated on March 19, 2021.